Business

Yemen’s Economy on the Brink of Collapse

National Yemen

electricity shortages pushed people to acquire chines generators

National Yemen

In one statistic Mohamed Al-Jadri, Chairman of the General Labor Syndicate summed up the state of Yemen’s economy by stating that more than 20% of the total labor force are now currently unemployed.  60% of Yemen’s population has been forced to find new areas of work, or will return to work when the current situation calms.

Building on the dark statistics, Al Arabia Net and 26 September, both government publications in Arabic reported that Yemen’s economy stands on the edge of collapse. That is, they said, if it hasn’t already done so.
Official reports were also recently released saying that the total loss of both the agriculture and fishing sectors has reached over 260 billion YR, or 1.2 billion USD. The report stated that farmers and fishermen were hit hardly by the fuel crisis as it forced the to sell their products on the side of streets at low prices that doesn’t cover 3% of the production cost.
The labor syndicate chairman warned all political parties of the very real possibility of the total collapse of the economy if the current situation continues. If this hapens, the chairman said that the spread of hunger will drastically increase reaching to 70% of the total population.